The property rates in the ready reckoner for Mahrashtra may drop marginally reflecting the subdued sentiments, sources said. A final decision may be taken on Wednesday. The property ready reckoner is prepared by the office of the inspector general of registration and stamp duties on the basis of transactions in real estate sector in respective areas.
Mumbai-based infrastructure conglomerate Essar group has withdrawn its plans to build a 1,125 hectare Special Economic Zone in Jamnagar because of the adverse economic environment, a commerce ministry official said. The proposal was to set up a 16-20-million-metric-tonne-a-year petrochemical refinery at an investment of Rs 15,000 crore, one of the largest SEZ proposals, according to information available on the company's website.
With the Lok Sabha elections around the corner, the Maharashtra government is set to announce another farm loan waiver package to cover all those who were excluded by the central government's waiver package.
Secretaries' panel fails to arrive at a decision. Sources told Business Standard the commerce ministry felt that the delay would add to the cost for the government as more and more factories could shut shop.
The commerce ministry has written to its finance counterpart suggesting that domestic banks should share 50 per cent of losses arising out of derivative contracts that exporters have taken to protect against currency fluctuations.
After much bickering, the Airports Authority of India and the state government-promoted Maharashtra Airport Development Corporation have agreed on the shareholding pattern of the company that will develop Nagpur's proposed international airport.
'Parents in the city don't worry about their young professional daughters coming home late at night in public transport. Having said that, there is no guarantee that this -- a better law-and-order situation in the city compared with other metros -- will protect you from a terror attack.'
India is not convinced that the new texts on agriculture and non-agricultural market access released by the World Trade Organization last Saturday would lead to consensus among members, though some of its concerns have been addressed with caveats.
Yachts and luxury boats belonging to Mumbai's rich and famous have come under the scanner of intelligence agencies after the 26/11 terror attacks. The agencies are pleading with government authorities to take appropriate steps to plug the loopholes in the law to ensure these yachts are registered either with the central government or state government authorities so that they are not misused by ferry men or used for anti-national activities.
Slowly but surely pieces of the jigsaw puzzle of the conspiracy behind Mumbai terror attacks are falling into place.
The job of the police is to essentially provide security along the coast and it is the job of coast guard or navy to provide maritime security
The proposal will also include providing loans at below market rates to real estate developers. But the loan disbursed under this will come with a number of conditions like an upper ceiling on selling price of flats and individual homes.
The zones will be required to register themselves with www.sezindia.nic.in. Currently, developers have to send SEZ-related applications to the Department of Commerce, after which the inter-ministerial Board of Approval (BoA), headed by Commerce Secretary Gopal K Pillai, takes a call on them.
Indian economy is expected to grow between 7 and 7.4 per cent in the three months up to September 2008, as against 9.3 per cent in the year-ago quarter, five top economists of the country told Business Standard. The government is slated to release the quarterly numbers on Friday.
The state government on September 21 held the referendum, the first of its kind in the country, in 22 villages in Raigad district to decide the fate of the Mumbai SEZ, promoted by Jai Corp headed by Anand Jain, who is a close associate of Reliance Industry chief Mukesh Ambani. However, Raigad district collector Nipun Vinayak is yet to finalise the report on the issue.
'We have discontinued or replaced certain contractual staff, total number not exceeding double digits, in the north India operations involved in activities under the discretionary cost head,' a Reliance Industries spokesperson said in reply to an e-mailed query sent by Business Standard. According to some employees, who claimed to have been retrenched, the number of laid-off people is much higher. However, the company denies this.
Data with the Department of Industrial Policy and Promotion reveals that between April 2005 and July 2008, Japan Inc pumped in 50 per cent of the total investments inflows between April 2000 and July 2008. In fact, between June and October this year, Japanese companies said they would pump in $8 billion. Experts say this is not a knee-jerk reaction by the Japanese, who are known to be very meticulous with their investments.
External Affairs Minister Pranab Mukherjee, who heads an Empowered Group of Ministers on Special Economic Zones, is likely to consult Prime Minister Manmohan Singh to resolve the dispute between finance and commerce ministries over tax exemption for export profits from the zones.
The implementation of the ambitious India-Asean Free Trade Agreement is likely to miss the target date of January 1, 2009. Negotiators from both the countries had closed talks this August, after six years of painstaking dialogue.
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